Private Equity

PE Fund Investments

Varde Partners to pick up 15% in Reliance Power for Rs 933-Cr

BSE Disclosure   BSE Disclosure  

Publicly listed ADA Group company Reliance Power (RPL) is to raise INR 933 crore in equity funding from VFSI Holdings, an affiliate of investment firm Varde Partners, in return for a 15% stake. The deal will happen through a private placement of 60 crore shares / warrants at INR 15.55 apiece. RPL also proposes to raise up to USD 200 million by issuing FCCBs. This follows Varde Partners agreement, announced earlier in the week, to lend INR 1,200 crore (USD 150 million) to RPL and its subsidiary. RPL, a part of the Reliance ADA Group, operates in power generation and coal resources. The company has a large portfolio of power projects, based on coal, gas, hydro and renewable energy, with an operating portfolio of 5,945 megawatts.